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Gallant Tang still remembers the quiet panic he felt on Mar 18, while participating in a land tender for a coveted Bayshore site. It was the SingHaiyi Group’s third try at bidding for government land sale sites since the beginning of the year, after two earlier bids missed the mark.

The tender – for a 99-year-leasehold private housing site in a popular East Coast location – had just closed, and insiders had gathered to discuss bids.

Although Tang was standing still, listening in, his heart rate surged to 136 beats per minute. “I was just mildly hyperventilating,” he told The Business Times. “It was a very, very anxiety-inducing day for me.”

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